Equitas, Ltd. has made progress in reducing its balance sheet exposure, Standard & Poor's declared in a report issued earlier this month to mark the 10th anniversary of the Lloyd's runoff company.
"It would be fair to say this is an anniversary that many did not think the group would be able to celebrate when [Equitas] was established in 1996," said S&P London-based analyst Marcus Rivaldi.
The Equitas group's opening balance sheet on Sept. 4, 1996 had total liabilities of $29 billion--down 71 percent to $7.6 billion as of March 31, 2006.
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